Preparation of Financial Statements

Since the annual financial statements of 2009, following the publication of an ISA (Israel Securities Authority) clarification regarding the "independence of the auditing accountant: assistance with preparing financial statements for the audited entity", the auditing accountant is forbidden to prepare annual audited and / or quarterly reviewed financial statements prepared in accordance with the securities regulations, namely for public companies and their subsidiaries.

This clarification has increased the workload for financial managers and controllers in various companies who had previously benefited from the assistance of the auditing accountant when preparing their financial reports. This assistance generally covered two aspects of preparation: the extent / scope of the report, and the relevant knowledge and professionalism required for preparing these reports in accordance with the law and the securities regulations as well as the relevant IFRS or US-GAAP regulations.

Since our office provides auditing services for public companies and their subsidiaries, our audit and controller divisions are competent and experienced in preparing financial reports for public companies, as well as for private companies who wish to function in a similar manner when preparing a prospectus or for other needs.

Our office provides financial report preparation services as described above to publicly traded companies in Israel and in the USA.

This work is carried out in close association and cooperation with the auditing accountant, who is generally a staff member at one of the Big Four. Every accounting and / or professional issue is discussed with the auditing team and the professional department of the auditing accountant.